MIRA
INFORM REPORT
|
Report Date : |
26.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
RUCHI SOYA INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
614, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra |
|
|
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|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
06.01.1986 |
|
|
|
|
Com. Reg. No.: |
11-038536 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.686.037 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15140MH1986PLC038536 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR14074E BPLR03207B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR28921 |
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|
|
Legal Form : |
A Public Limited Liability Company. The Company’s shares are listed on
The Stock Exchange. |
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|
|
Line of Business
: |
Manufacturing of Soya bean Oil Edible Grade, Meal of Soya Bean and
Other Vegetable Oils and Fats. |
|
|
|
|
No. of Employees
: |
2000( Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 86000000 |
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|
|
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track.
Financial position of the company appears to be sound. Directors are reported
to be experienced and respectable businessman. Trade relations are reported
as fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. R. K. Jain |
|
Designation : |
General Manager Finance |
|
Contact No.: |
91-731-2513281 |
LOCATIONS
|
Registered Office : |
614, Tulsiani Chambers, 2nd Floor, Backbay Reclamation,
Nariman Point, Mumbai - 400 021, |
|
Tel. No.: |
91-22-66560600 |
|
Fax No.: |
91-22-22837525 |
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E-Mail : |
|
|
Website : |
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|
Area : |
500 Sq. ft. (Approximately) |
|
|
|
|
Head
/Administrative Office : |
301 Mahakosh House, 7/5 South Tukoganj,Nath Mandir Road,
Indore - 452 001, Madhya Pradesh, India. |
|
Tel. No.: |
91-731-2513281/82/83 |
|
Fax No.: |
91-731-4065019 / 2527250 |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Kailash Shahra |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Dinesh Shahra |
|
Designation : |
Managing Director |
|
Qualification : |
B. E. (Chemical Engineer) |
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|
|
|
Name : |
Mr. A. B. Rao |
|
Designation : |
Director (Legal) |
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|
|
|
Name : |
V. K. Jain |
|
Designation : |
Director (Commercial) |
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|
|
|
Name : |
Mr. Sanjeev Kumar Asthana |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. P. D. Dwivedi |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Sajeve Deora |
|
Designation : |
Director |
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|
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|
Name : |
Mr. N. Murugan |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Navin Khandelwal |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. R. L. Gupta |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
107343732 |
32.23 |
|
|
67193814 |
20.18 |
|
|
174537546 |
52.41 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
174537546 |
52.41 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
509500 |
0.15 |
|
|
870648 |
0.26 |
|
|
55887375 |
16.78 |
|
|
57267523 |
17.20 |
|
|
|
|
|
|
85309196 |
25.62 |
|
Individuals |
|
|
|
|
11257797 |
3.38 |
|
|
1922250 |
0.58 |
|
|
2724110 |
0.82 |
|
|
2724110 |
0.82 |
|
|
101213353 |
30.39 |
|
Total Public shareholding (B) |
158480876 |
47.59 |
|
Total (A)+(B) |
333018422 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
|
|
|
(1) Promoter and Promoter Group |
-- |
-- |
|
(2) Public |
-- |
-- |
|
Sub Total |
-- |
-- |
|
Total (A)+(B)+(C) |
333018422 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturing of Soya bean Oil Edible Grade, Meal of Soya Bean and
Other Vegetable Oils and Fats. |
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Products : |
|
PRODUCTION STATUS AS ON 31.03.2011
|
|
|
|
|
31.03.2011 Quantity (M.T.) |
|
INSTALLED
CAPACITY (On three shift
basis) |
|
|
|
|
|
Textured Soya Proteins |
|
|
|
152000 |
|
Edible Soya Flour (Soya Protein) |
|
|
|
60000 |
|
Soyabean Extraction |
|
|
|
3308724 |
|
Oils (including lecithin) |
|
|
|
2271000 |
|
Vanaspati |
|
|
|
469500 |
|
Power Generation (in MW) |
|
|
|
76 |
|
Palm Crushing |
|
|
|
518400 |
|
Toilet Soap |
|
|
|
33600 |
|
Soap Noodles |
|
|
|
42000 |
|
Split Fatty Acid |
|
|
|
35000 |
|
Glycerine |
|
|
|
2250 |
|
|
|
|
|
|
|
PRODUCTION |
|
|
|
|
|
Textured Soya Proteins/ Flour |
|
|
|
171733.903 |
|
Realisable by-products |
|
|
|
390918.699 |
|
Seed Extractions (DOC) |
|
|
|
1549222.447 |
|
Oils |
|
|
|
1943022.499 |
|
Vanaspati |
|
|
|
170138.405 |
|
Milk |
|
|
|
-- |
|
Power Generation (Number of Units) |
|
|
|
112058160 |
|
Seedling (Number of Units) |
|
|
|
521405 |
GENERAL INFORMATION
|
No. of Employees : |
2000 (Approximately) |
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Bankers : |
·
Axis Bank Limited ·
Bank of India ·
Central Bank of India ·
Corporation Bank ·
Dena Bank ·
IDBI Bank Limited ·
Oriental Bank of Commerce ·
Punjab National Bank ·
State Bank of Bikaner and Jaipur ·
State Bank of Hyderabad ·
State Bank of India ·
State Bank of Mysore ·
State Bank of Patiala ·
State Bank of Travancore ·
Syndicate Bank ·
The Karur Vysya Bank Limited ·
UCO Bank |
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Facilities : |
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|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P. D. Kunte and Company Chartered Accountants |
|
|
|
|
Cost
Auditor : |
|
|
Name : |
K. G. Goyal and Company Cost Auditors |
|
|
|
|
Subsidiaries : |
·
Ruchi World – Wide Limited ·
Mrig Trading Private Limited ·
Gemini Edibles and Fats India Private Limited ·
Ruchi Industries Pte. Limitd ·
Ruchi Ethiopia Holdings Limited ·
Ruchi Agri Plantation (Cambodia) Pte. Limited ·
Ruchi Infrastructure Limited |
|
|
|
|
Associates : |
·
Ruchi Green Energy Private Limited ·
GHI Energy Private Limited |
|
|
|
|
Entites where
Key Management Personnel or relatives of Key Management Personnel have
significant influence : |
·
Mahadeo Shahra and Sons ·
Mahadeo Shahra Sukrut Trust ·
Great Eastern Infrastructure Corporation Private
Limited ·
Sunshine Olechem Limited ·
Ruchi Corporation Limited ·
Ruchi Bio Fuels Private Limited ·
Ruchi Multitrade Private Limited ·
Ruchi Realty Private Limited ·
Indivar Wellness Private Limited ·
Soyumm Marketing Private Limited ·
Nirvana Housing Private Limited ·
Bright Star Housing Private Limited ·
Ruchi Marktrade Private Limited ·
Shiva Foundation (Trust) ·
High Tech Realties Private Limited ·
Spectra Realties Private Limited ·
Mahakosh Amusement Private Limited ·
Deepti Housing Private Limited ·
Deepti Properties Private Limited ·
Neha Resorts & Hotels Private Limited ·
Ankesh Resorts & Hotels Private Limited ·
Shahra Estate Private Limited ·
Neha Securities Private Limited ·
Vishal Resorts and Hotels Private Limited ·
Vishal Warehousing Private Limited ·
Shahra Sons Private Limited ·
I Farm Venture Advisors Private Limited ·
I Farm Equity Advisors Private Limited ·
Shahra Brothers Private Limited ·
Mahadeo Shahra and Sons Private Limited ·
Mangalore Liquid Impex Private Limited |
CAPITAL STRUCTURE
After 30.09.2011
Authorised Capital : Rs.2530.500 Millions
Issued, Subscribed & Paid-up Capital : Rs.686.037
Millions
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1010250000 |
Equity Shares |
Rs.2/- each |
Rs.2020.500 Millions |
|
5100000 |
Preference Shares |
Rs.100/- each |
Rs.510.000 Millions |
|
|
Total |
|
Rs.2530.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
332526472 |
Equity Shares |
Rs.2/- each |
Rs.665.053
Millions |
|
200000 |
6% Non-Convertible Redeemable Cumulative
Preference Shares |
Rs.100/-
each |
Rs.20.000
Millions |
|
|
Total |
|
Rs.685.053 Millions |
Notes:
1. Increased in terms
of the Scheme of Amalgamation and Arrangement
2. The 6%
Non-Convertible Redeemable Cumulative Preference Shares of Rs.100/- each were
issued pursuant to the Scheme of Amalgamation and Arrangement between Sunshine
Oleochem Limited, Ruchi Soya Industries Limited and their respective
shareholders sanctioned by the Hon’ble High Court of Mumbai on the same terms
and conditions as originally issued by Sunshine Oleochem Limited.
The preference
shares are redeemable as follows :
a) First
installment of Rs.33/- per preference share on completion of 144 months from
March 31, 2009.
b) Second
installment of Rs.33/- per preference share on completion of 156 months from
March 31, 2009.
c) Third installment of Rs.34/- per preference share on completion of
168 months from March 31, 2009.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
685.053 |
824.813 |
1054.178 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
20848.064 |
18404.902 |
10795.726 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
21533.117 |
19229.715 |
11849.904 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
14371.151 |
6853.367 |
6978.709 |
|
|
2] Unsecured Loans |
20291.992 |
16610.196 |
10229.738 |
|
TOTAL BORROWING
|
34663.143 |
23463.563 |
17208.447 |
|
|
DEFERRED TAX LIABILITIES |
1990.495 |
1686.500 |
1347.815 |
|
|
EMPLOYEES STOCK OPTIONS |
40.172 |
18.132 |
3.876 |
|
|
|
|
|
|
|
TOTAL
|
58226.927 |
44397.910 |
30410.042 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
21049.546 |
19605.195 |
13347.617 |
|
Capital work-in-progress
|
1818.661 |
644.052 |
786.589 |
|
|
|
|
|
|
|
INVESTMENT
|
2022.438 |
1967.273 |
817.824 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
28234.140
|
15872.849
|
15093.267
|
|
|
Sundry Debtors
|
22300.497
|
12002.742
|
10268.276
|
|
|
Cash & Bank Balances
|
12573.919
|
15013.811
|
10147.932
|
|
|
Other Current Assets
|
194.688
|
412.353
|
183.025
|
|
|
Loans & Advances
|
9143.607
|
9481.033
|
9941.990
|
Total Current Assets
|
72446.851
|
52782.788
|
45634.490
|
|
Less:
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Sundry Creditors
|
34602.796
|
27079.524
|
27050.927
|
|
|
Other Current Liabilities
|
2387.580
|
1524.733
|
1684.967
|
|
|
Provisions
|
2120.208
|
1998.629
|
1442.432
|
Total Current Liabilities
|
39110.584
|
30602.886
|
30178.326
|
|
Net Current Assets
|
33336.267
|
22179.902
|
15456.164
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.015 |
1.488 |
1.848 |
|
|
|
|
|
|
|
TOTAL
|
58226.927 |
44397.910 |
30410.042 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
166637.727 |
135297.217 |
121720.641 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
152690.228 |
121895.430 |
79189.805 |
|
|
|
Purchases made for re-sale |
0.000 |
0.000 |
30347.749 |
|
|
|
Increase/(Decrease) in Stock |
(4363.335) |
(377.450) |
800.682 |
|
|
|
Expenses |
12651.967 |
9411.555 |
8463.142 |
|
|
|
Exceptional Items |
0.000 |
(35.243) |
0.000 |
|
|
|
TOTAL (B) |
160978.860 |
130894.292 |
118801.378 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5658.867 |
4402.925 |
2919.263 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1179.067 |
674.393 |
554.168 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4479.800 |
3728.532 |
2365.095 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
1199.270 |
1003.717 |
857.593 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3280.530 |
2724.815 |
1507.502 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1148.444 |
1000.142 |
574.684 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2132.086 |
1724.673 |
932.818 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4296.438 |
3445.491 |
2911.832 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD RELATING TO TRANSFEROR COMPANIES |
101.571 |
15.438 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
250.000 |
250.000 |
250.000 |
|
|
|
Proposed Dividend |
166.749 |
159.609 |
127.492 |
|
|
|
Capital Redemption Reserve |
0.000 |
452.429 |
0.000 |
|
|
|
Tax on Dividend |
27.051 |
27.126 |
21.667 |
|
|
BALANCE CARRIED
TO THE B/S |
6086.295 |
4296.438 |
3445.491 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
|
|
|
|
|
F. O. B
value of Export |
22672.177 |
13458.161 |
|
|
|
|
F. O. B
value of Merchandise trade |
9063.470 |
7603.100 |
|
|
|
|
TOTAL EARNINGS |
31735.647 |
21061.261 |
45118.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
0.000 |
7.071 |
|
|
|
|
Purchase of Oils |
46374.738 |
50987.995 |
9.253 |
|
|
|
Purchases for Merchandise exports |
8883.483 |
7474.504 |
|
|
|
|
Purchase of Consumables/ packing materials |
6.314 |
70.339 |
|
|
|
TOTAL IMPORTS |
55264.177 |
58532.838 |
9.253 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.62 |
6.92 |
4.83 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2011 |
|
|
|
|
1st Quarter |
|
Net Sales |
|
|
59017.200 |
|
Total Expenditure |
|
|
57394.300 |
|
PBIDT (Excl OI) |
|
|
1622.900 |
|
Other Income |
|
|
15.100 |
|
Operating Profit |
|
|
1638.000 |
|
Interest |
|
|
279.800 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
1358.200 |
|
Depreciation |
|
|
315.600 |
|
Profit Before Tax |
|
|
1042.600 |
|
Tax |
|
|
381.000 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
661.600 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
661.6000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.28
|
1.27
|
0.76
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.58
|
3.76
|
2.55
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.14
|
0.12
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.43
|
2.81
|
3.99
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.85
|
1.72
|
1.51
|
LOCAL AGENCY FURTHER INFORMATION
REVIEWS OF
OPERATIONS
During the year, the
sales and other income of the Company have increased to Rs.166637.700 Millions
from Rs.135297.200 Millions in the previous year, recording a growth of over
23%. The Profit before depreciation and tax increased to Rs.4479.800 Millions
from Rs. 3728.532 Millions in the previous year recording a growth of over 21%.
Profit after tax of Rs.2132.100 Millions was recorded during the year which is
over 23% higher than Rs.1724.700 Millions in the previous year.
FUTURE OUTLOOK
India is
witnessing large changes in the Food and Agriculture space. The demand for Food
has been growing at the back of rising population and income levels. Edible oil
Industry has been at the centre of this growth. The Indian Edible Oil
consumption has been growing at a rate of 6.5% over the last few years. The
same trend is likely to continue over the next decade. Branded oil sales have
been growing at a much faster pace as compared to the overall growth of edible
oil.
Subejct is tapping
the last mile retail story with brands like Nutrela, Mahakosh and Ruchi Gold on
the one hand and investments in the value chain integration involving
plantations across continents to secure supply chain
on the other.
Integration of complete value chain will facilitate in leveraging the growing
business opportunities with enhanced margins.
There is a need
for consolidation of the Domestic Businesses and to drive economies of scale to
continuously remain competitive in the challenging environment being faced by
the industry. The company is in the process of setting up / expanding
production facilities at the new/existing locations to cater to the growing
demand and to sustain the leadership position. As a part of the strategy to
enlarge their presence in the diverse domestic edible oil segment, the company has
also begun to increase capacities of production facilities in Mustard oil
segment.
SUBSIDIARY
COMPANIES
During the year,
the Company has set up wholly owned subsidiary companies in Singapore and Dubai
to expand presence in the international markets. The Company has complied with
the conditions of General Circular No. 2 dated February 8, 2011 issued by the
Ministry of Corporate Affairs, Government of India and availed exemption from
compliance of Section 212 of the Companies Act, 1956. Hence, the annual
accounts of the subsidiary companies, directors’ and auditors’ reports there
on, do not form part of the Annual Report of the Company.
The Company
undertakes to provide annual accounts of the subsidiary companies and the
related detailed information to shareholders of the holding and subsidiary
companies seeking such information at any point of time. The annual accounts of
the subsidiary companies shall also be kept for inspection by any shareholder
in the registered office of the holding company and of the subsidiary company
concerned.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENT
The primary
business of the Company is processing of oil-seeds and refining of crude oil for
edible use. The Company also produces oil meal, food products from soya and
value added products from downstream and upstream processing. The domestic
edible oil consumption has been steadily growing and is estimated to be over 16
million MT in the current year with Palm and Soya oil, in which the Company has
a dominant presence, contributing approx 60% in volume. While the growth in
population and disposable income due to economic growth is resulting in higher
consumption, the supply growth has been primarily lower due to relative
stagnancy in the domestic oil seed output. In view of the demand- supply gap,
over 53% of the domestic edible oil consumption is met by imports, with Palm
and Soya accounting for over 90% of the imported volume. The oil meal is
essentially consumed as poultry, fish and cattle feed, A substantial part of
soya meal is exported to the Asian region even though the domestic demand is
growing.
The domestic soya
crop production was around 9.6 million MT in India during the year. Due to
higher prices of edible oils and better parity in crushing, the business
environment was conducive during the year. This has resulted in better
utilisation of soya seed crushing capacities. In view of the encouraging demand
from South East Asia, the overall export of Soybean Meal has been higher at 3.8
million MT (approx over ` 70 billion) for Indian Soya meal as compared to 2.1
million MT (approx over ` 41 million) during the previous year. In order to
bridge the growing demand - supply gap in edible oil, the volumes of import of
edible oil have gone up from 5.4 million MT (2006-07) to 8.5 million MT
(2010-11) over the last five years. This has improved the capacity utilisation
of the port - based edible oil refining facilities in the country. The share of
palm segment in the import of oil has gone up from 3.6 million MT (2006-07) to
6.5 million MT (2010-11) over the last five years due to favorable price
dynamics and higher demand of the cost conscious consuming population in the
country.
Keeping in view
the growing demand of Palm Oil and augmentation of the domestic supply, the
Government of India and State Governments have identified potential areas for
oil palm cultivation and taken measures to promote oil palm cultivation and
processing in India. The recent budgetary allocation of ` 3 billion by the
Government of India to encourage expansion of area under palm cultivation is an
action - oriented step in this direction. It is believed that this will benefit
farmers with better income, reduce import bill of edible oil, support domestic
industry and promote regional development. As the oil yield per Hectare of palm
is far higher than any other oil seeds, the encouragement will be beneficial to
the stakeholders in the long run.
INDUSTRY OUTLOOK
The Indian
economic growth is expected to be commodity intensive in future. The food
sector, one of the major growth sectors of the Indian economy, is essentially
commodity oriented. Edible oil is and will remain an important constituent of
dietary plan despite varied eating habits and varied methods of cooking across
the different states/regions in the country. The demand for edible oil in India
is relatively stable and growing in line with the higher disposable income.
Indian edible oil
sector is, by and large, a price conscious and price sensitive market, as a
substantial part of consumption takes place at the bottom end of the pyramid.
The propensity to consume is correlated with the changes in prices of edible
oil and the quantum of disposable income. With rising incomes, food remains an
important item of expenditure to warrant large share of incremental spending.
The edible oil
sector is at its inflexion point. While the consumption grows with the rise in
disposable income, the pattern of consumption is also moving towards packed
and/or branded form due to factors such as, amongst others, rising incomes
coupled with changes in the household demographics, improving health
consciousness, growing organised retail improving reach of the products across
the country, visual advertisements etc. Thus, the growth of edible oil in
packed form has far exceeded the industry wide growth rate over the last five
years. In the foreseeable future, it is envisaged that the overall quantum of
edible oil consumption will continue to grow significantly in the packed
segment, with the pattern of consumption shifting from unpacked to packed form,
across different layers of positioning from “mass” to “class” segments.
Keeping in view
the steady average rate of GDP growth (and the consequent Income growth) and
the population growth expected in India, it is estimated that the domestic
demand for edible oil, will also consequently rise. According to the industry
estimates, the consumption of edible oil is expected to increase from the current
level of 16 million MT to over 21 million MT by the year 2015. Due to lower
domestic supply, the import of edible oil will rise to meet the demand-supply
gap. The recent widespread monsoon with reasonably equitable distribution of
rainfall across the country is expected to improve the prospects of better
agricultural production in India than the previous year. The current
indications augur well for the agricultural sector in general and solvent
extraction industry in particular in the current year. With the improvement in
the price trend, it is believed that operations of the crushing industry will
be better than the previous year.
The edible oil
industry in India is in a consolidation phase. Enterprises having integration
of the value chain, risk management, working capital management, efficiencies
in procurement, logistics and distribution, manufacturing presence at strategic
locations across the country and strong consumer focus, that have undertaken
expansion of their market share through organic and inorganic route coupled
with introduction of new and innovative products - including presence through
branded products, will enjoy the gains in the times to come.
BUSINESS STRATEGY
The size and the
steady growth of the edible oil industry in India offer great potential for the
Company to proactively adopt strategies to sustain leadership position in the
Industry. The consolidation phase of the industry
also enables the
Company to build-on and strengthen its current presence and market share in the
industry. The company always explores various ways to leverage the synergies
arising from sourcing, logistics, distribution, strong market presence, well
spread and balanced (between port based and inland locations) manufacturing
facilities of global standards at strategic locations. Having built a robust
position in the mid stream segment which facilitates the growth in front and
back end segments to capture the value chain, the Company is in the processing
of expanding its front end segment into marketing of branded and value added
products and back end segment into palm and other plantations, thus focusing on
value integration and optimisation.
Considering the
opportunities arising out of the challenges due to the presence of a large number
of small units operating in the industry and the varying consumer preferences
at different regions, the company has created a robust organisational structure
to evolve appropriate response mechanisms closer to ground realities and faster
to the consumer needs, in line with the emerging business needs and trends. The
Company will continue to strengthen itself in areas of sourcing raw materials
from points of origin, reducing inefficiencies in supply chain and logistics,
promoting green energy initiatives, expanding capabilities to process at
strategic locations, improvements in product quality, and increased sales of
branded products in retail segment.
The consumerism in
India is at its inflexion point. The economic growth in future will result in
high disposable income across the domestic consumers and changing consumer
preferences. The consumption of edible oil in packed form, given its current
low base and vast untapped potential, offers tremendous business opportunities
to
expand business
volume in retail segment. The Company, despite having a large base of branded
sales, is strongly oriented to capitalise the growing business opportunities in
this direction and has set ambitious targets to scale up its presence in
branded segment. The Company will significantly undertake strengthening
business processes for quality, scalability, sustainability, availability and
visibility in the area of branded products. The Company will continue to expand
its distribution channels across the country, broad base its product range, and
invest in designing and implementing brand positioning and promotion strategies
to achieve the objectives. With the favourable shift towards growth in packaged
goods segment, the company has chalked out plans to continue to achieve far higher
growth than the industry.
The Company is
evaluating opportunities to expand its product portfolio and will be
introducing various new products for the health conscious consumer under the
‘Nutrela’ brand, which has already carved a niche for itself as a market leader
in soya foods. New products are proposed to be rolled out with focus on the
growing “health and wellness” segment. The Company will proactively roll-out
various initiatives to support its branding strategy, including better
visibility, ad spend, brand/ product positioning etc.
The company is the
largest branded marketer in palm oil with strong sourcing strengths, processing
capabilities in port based locations to process imported palm oil for
distribution in the domestic market. The company perceives that vertical
integration into palm plantations will be the key goal to partially insulate
against the short supplies and spiraling prices in the long run. The company
perceives, therefore, a logical business opportunity to achieve backward integration
in palm plantations in overseas/domestic markets to complete the value chain
and thus give a fillip to the momentum. The direct benefit of the above
endeavors, besides strengthening the existing attributes of its business in the
domestic market, will be to de-risk the operations from geographical and
product risks, to support supply chain requirements and to add long-term
sustainable value to the business of the Company. In this regard, The company
has already secured procurement rights for the development and sourcing of oil
palm over 175,000 Hectares of land, suitable for the cultivation, across
various states in India, and set up commensurate processing
capacities/facilities appropriate to the requirements. The planted area as of
the close of the year was over 33,000 Hectares. Despite the challenging the
task of scalability, the company has resolved to step up the efforts resulting
in increase in the area of oil palm plantation in the coming years, thereby
contributing to income of farmers, the regional development and increase in
domestic oil production. The active completion of oil palm plantation in India
will be one of the key focus drivers in the future.
As a part of
growth strategy, the Company is in the process of expanding its presence internationally
by setting up of facilities for soya/oil palm cultivation and processing into
downstream products, through step down subsidiaries. This will enhance their
origination capabilities; support their strategy of value integration, add
significant improvement in the margin profile on a consistent basis, resulting
in their business model with reasonable predictability and sustainability, in
the times to come.
The Company is
strengthening the existing internal business processes, more particularly in
the areas of Marketing, Information technology, Human resource systems and Risk
management, and is thus gearing-up to meet the challenges ahead. The Company is
of the view that the initiatives in the above mentioned areas will improve the
product mix and enhance the margin profile in future. Keeping in view the scale
of operations and the overall growth, the company believes that strategic moves
will prove beneficial for the Company and the stakeholders in the long term.
FIXED ASSETS
·
Freehold Land
·
Lease hold Land
·
Buildings
·
Plant and Machinery
·
Windmills
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Trade Marks
·
Software
UNAUDITED
FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER AND HALF YEAR ENDED 30TH
SEPTEMBER, 2011
(Rs. In Millions)
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
30.09.2011 |
30.09.2011 |
|
|
|
|
|
a) Net Sales / Income from Operations |
60758.900 |
119747.800 |
|
b) Other Operating Income |
64.000 |
92.300 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade |
365.700 |
2863.100 |
|
(b) Consumption of Raw Materials |
31311.400 |
61191.700 |
|
(c) Purchase of traded goods |
24298.400 |
46238.700 |
|
(d) Employees Cost |
346.200 |
568.800 |
|
(e) Depreciation |
340.200 |
655.800 |
|
(f) Other Expenditure |
4130.800 |
6984.500 |
|
Total Expenditure |
60792.700 |
118502.600 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
30.200 |
1337.500 |
|
Other Income |
108.400 |
123.500 |
|
Profit/(Loss) before Interest and Exceptional items |
138.600 |
1461.00 |
|
Interest |
37.200 |
317.000 |
|
Profit / (Loss) after interest before Exceptional items |
101.400 |
1144.000 |
|
Exceptional Items |
0.000 |
0.000 |
|
Profit / (Loss) From
Ordinary activities before Tax |
101.400 |
1144.000 |
|
Provision for Taxation |
63.600 |
444.600 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
37.800 |
699.400 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Net Profit/(Loss) for the period |
37.800 |
699.400 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.2/- each) |
666.000 |
666.000 |
|
Preference Share Capital (Face Value Rs.100/- each) |
20.000 |
20.000 |
|
Reserves (Excluding Revaluation Reserves) |
-- |
-- |
|
Public Share
Holding |
|
|
|
Earning Per Share |
|
|
|
-Basic |
0.11 |
2.10 |
|
-Diluted |
0.11 |
2.10 |
|
Public Share Holding |
|
|
|
- Number of Shares |
158480876 |
158480876 |
|
- Percentage of shareholding |
47.59 |
47.59 |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
6366190 |
6366190 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
5.93 |
5.93 |
|
- Percentage of shares(as a % of the total share capital of the company) |
1.91 |
1.91 |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
168171356 |
168171356 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
94.07 |
94.07 |
|
- Percentage of Share (as a % of the total share capital of the company) |
50.50 |
50.50 |
SEGMENT
WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Sr. No |
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2011 |
30.09.2011 |
|
1 |
Segment Revenue |
|
|
|
|
(Net Sale/Income from operations & other Income) |
|
|
|
|
Oils |
48553.400 |
96373.000 |
|
|
Vanaspati |
2843.200 |
5378.200 |
|
|
Seed Extraction |
7584.700 |
14544.300 |
|
|
Food Products |
859.400 |
1674.900 |
|
|
Wind Turbine Power Generation |
109.900 |
284.100 |
|
|
Others |
980.700 |
1709.100 |
|
|
Net Sales/Income from operations |
60931.300 |
119963.600 |
|
2 |
Segment Results |
|
|
|
|
(Profit before interest and tax) |
|
|
|
|
Oils |
(363.200) |
526.200 |
|
|
Vanaspati |
27.400 |
76.900 |
|
|
Seed Extraction |
327.700 |
529.500 |
|
|
Food Products |
26.000 |
52.100 |
|
|
Wind Turbine Power Generation |
36.900 |
146.500 |
|
|
Others |
83.800 |
129.800 |
|
|
Total |
138.600 |
1461.000 |
|
|
Less: Interest (Net) |
37.200 |
317.000 |
|
|
Less: Other unallocable expenditure net of un-allocable income |
0.000 |
0.000 |
|
|
Total Profit before
tax |
101.400 |
1144.000 |
|
3 |
Capital Employed |
|
|
|
|
(Segment Assets less Segment Liabilities) |
|
|
|
|
Oils |
6424.400 |
6424.400 |
|
|
Vanaspati |
3057.300 |
3057.300 |
|
|
Seed Extraction |
12637.200 |
12637.200 |
|
|
Food Products |
923.100 |
923.100 |
|
|
Wind Turbine Power Generation |
4458.500 |
4458.500 |
|
|
Others |
3502.900 |
3502.900 |
|
|
Total |
31003.400 |
31003.400 |
Notes:
1. The above results have been reviewed by the Audit Committee and have been approved by the Board of Directors of the Company at the meeting held on 14th November, 2011.
2. During the quarter, Company received 14 investors’ complaints which were redressed. There were no complaints pending at the beginning of quarter and at the end of the quarter.
3. There is no movement in the employee stock options during the quarter ended September 30, 2011. The status of option is as follows:
|
Date of Grant |
Opening Balance as on 1st July, 2011 |
Closing Balance as on September 30, 2011 |
|
April 1st 2008 |
465000.000 |
465000.000 |
|
October 1st 2009 |
9701000.000 |
9701000.000 |
|
April 1st 2010 |
2035000.000 |
2035000.000 |
|
April 1st 2011 |
1980000.000 |
1980000.000 |
|
Total |
14181000.000 |
14181000.000 |
4. The Board of Directors of the Company at their meeting held on 3rd July, 2010 approved the Scheme of Amalgamation involving Amalgamation of Palm Tech India Limited and Ruchi Soya Industries Limited and their respective shareholders under Sections 391 to 394 read with Sections 78 and Sections 100 to 103 other applicable provisions of the Companies Act, 1956. The Scheme was duly approved by the jurisdictional High Court and became effective from the appointed date, i.e., 1st July, 2010. The required formalities in terms of the Scheme were completed during the quarter ended 31st March, 2011, including allotment of Equity Shares. The above results for the quarter ended September 30, 2011 incorporate the financial results of the transferor company and no such figures have been considered in the figures for the corresponding quarter ended September 30, 2010.
5. Pursuant to the Scheme of Amalgamation and Arrangement between company and Mac Oil Palm Limited the board has approved the following amounts as charge to business development reserve during the quarter ended 30th September, 2011.
Rs. in Millions
|
Particular |
Quarter Ended |
Half Year Ended |
|
|
30.09.2011 |
30.09.2011 |
|
Additional depreciation/ impairment/ amortization on account of revaluation of fixed assets |
54.200 |
105.600 |
|
Advertisement and sales promotional expenses for business development |
68.400 |
87.600 |
|
Less: Income tax/ deferred tax |
22.100 |
18.400 |
|
Total |
100.500 |
164.800 |
6. With effect from 1 April 2011 the Company has adopted the principles of derivatives and hedge accounting of Accounting Standard (AS) 30 “Financial Instruments: Recognition and Measurement”, to account for interest rate swaps. Accordingly, mark to market losses of Rs.248.800 Millions as at 30 September, 2011 (including Rs.73.500 Millions for the quarter) on account of interest rate swaps designated as effective hedge has been recognized in the balance sheet under the head ‘Hedge Reserve’.
7. The compensation committee of the board of directors, at its meeting held on 14th November, 2011 has allotted 340150 equity shares of Rs.2/- on exercise of options by the eligible employees in accordance with the employee stock option scheme 2007 of the company as amended on date.
8. Interest income has been netted off against interest cost.
9. The figures for the corresponding periods have been re-grouped/re-arranged to make the same comparable with the figures for the quarter ended September 30, 2010.
STATEMENT OF ASSETS AND LIABILITIES AS AT THE END OF REPORTED PERIOD IS
AS UNDER:
|
|
|
Rs in Millions |
|
Particulars |
Six Months Ended |
|
|
30.09.2011 |
||
|
(Unaudited) |
||
|
|
|
|
|
SHAREHOLDERS FUNDS |
|
|
|
Share Capital |
666.000 |
|
|
6% Preferences Shares (Cumulative Redeemable) |
20.000 |
|
|
Employees stock option |
43.700 |
|
|
Reserves & Surplus |
21156.600 |
|
|
|
|
|
|
LOAN FUNDS |
37410.400 |
|
|
|
|
|
|
DEFERRED TAX
LIABILITIES |
2177.500 |
|
|
|
|
|
|
TOTAL |
61474.200 |
|
|
|
|
|
|
FIXED ASSETS |
24006.800 |
|
|
|
|
|
|
INVESTMENT |
2074.800 |
|
|
|
|
|
|
CURRENT ASSETS,
LOANS & ADVANCES |
|
|
|
Inventories |
16755.900 |
|
|
Sundry Debtors |
30887.900 |
|
|
Cash & Bank
Balances |
22414.800 |
|
|
Other Current Assets |
415.200 |
|
|
Loans &
Advances |
10699.000 |
|
|
|
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
Other Current
Liabilities |
43400.200 |
|
|
Provisions |
2380.000 |
|
|
|
|
|
|
Net
Current Assets |
35392.600 |
|
|
|
|
|
|
TOTAL |
61474.200 |
|
Subject operates in four segments: Extractions, which include all types of seed extractions; Vanaspati, which involves manufacturing of vanaspati; Oils, which include Crude oils and refined oils; Food Products, which include textured soya protein, soya flour, fruit juice and soya milk; Wind Power Generation, which include electricity generation from wind mills excluding captive consumption, and Others, which include gram, wheat, rice, maize, corn, seeds, coffee, marine products, tuar, peas, barley, soap, fresh fruit bunch, seedling and plant and machinery (equipment), cotton bails and toiletry preparation. Its brands include Nutrela, Ruchi Gold, Mahakosh and Sunrich. Its other products include Bakery fats and Soaps. Its soaps include Magic of Fresh Jasmine, Purity of Natural Sandalwood, Goodness of Rose Petals and Freshness of Lime. It exports its products to Japan, Vietnam, Indonesia, Thailand, Philippines, South Korea, Taiwan and Middle East countries. For the fiscal year ended 31 March 2010, Ruchi Soya Industries Ltd's revenues increased 13% to RS143.94B. Net income increased 87% to RS1.74B. Revenues reflect increased income from Oils segment, a rise in earnings from Food Products and higher income from other segments. Net income also reflects a fall in consumption of raw material. The Company operates in extractions, vanaspati, oils and food product segments.
BOARD OF DIRECTORS
Mr. Kailash Chandra Shahra (Non Executive
Chairman of the Board)
Mr. Kailash Chandra Shahra is Non-Executive Chairman of the
Board of Subject, since January 7, 1986. He holds B.Com from Vikram University,
Ujjain (Madhya Pradesh). He established a new milestone by setting-up India’s
first soyabean processing plant Served as member on the Board of Directors of
Bank of India Served as Chairman of Soyabean Processors Association of India
(SOPA), a body representing the Soyabean Industry in India. He holds Directorship
of other companies are Anik Industries Limited, Shahra Brothers Private
Limited, Indian Steel Corporation Limited, National Board of Trade Limited,
Mahadeo Shahra and Sons Private Limited, Ruchi Strips and Alloys Limited,
National Steel and Agro Industries Limited, Revati Cements Private Limited,
Federation of Indian Commodity Exchange Shahra Sons Private Limited.
Mr. Sanjeev Kumar
Ashtana (Non-Executive Director)
Mr. Sanjeev Kumar Asthana is Non-Executive Director of Subject, since August 28, 2010. He holds PGDIT from IIFT, New Delhi and PGDRM from IRMA, Anand. He holds PGDIT from IIFT, New Delhi and PGDRM from IRMA, Anand. He serves Erstwhile President and CEO of Agribusiness and Food Supply of Reliance Retail Limited and Director of Cargill India Private Limited. He Provides Advisory Services and manages the business of IFARM group of Companies Eminent expert in Agri and Food Sector and has served on several executive committees of national business associations, trade bodies and commodity exchanges, including those constituted by FICCI, CII and NCDEX. Affiliated to international forums and a regular speaker on commodity trade, risk management, food supply chain, retail and agriculture Distinguished Speaker on Agri, Food Security, Retail, Supply Chain etc., both in India and Overseas, Chairman - CII National Task Force on Horticulture for the year 2011-12, Chairman - CII National Council on Agriculture for the year 2011-12.
Mr. Sajeve Deora
(Independent Non-Executive Director)
Mr. Sajeve Deora is Independent Non-Executive Director of Subject, since December 27, 2005. He holds B.Com from Delhi University and FCA from the Institute of Chartered Accountants of India. He holds Directorship of other companies are Ruchi Infrastructure Limited, Bholanath International Limited, Deora Associates Private Limited, Jai Mata Glass Limited, Integrated Capital Services Limited, Prochem Solutions Pte Limited, Thesgora Coal Private Limited, Sun Links Limited, Green Infra Profiles Private Limited, Vippy Industries Limited, Greenway Advisors Private Limited, Him Teknoforge Limited, Gemini Edibles and Fats India Private Limited. He is Practising Chartered Accountant since 1984 with an experience in financial re-constructions, acquisitions, mergers and corporate restructuring.
Mr. Prabhu Dayal
Dwivedi (Independent Non-Executive
Director)
Mr. Prabhu Dayal Dwivedi is the Independent Non-Executive Director of Subject. He holds M.A. from Allahabad University, LLB (professional) from Punjab University and CAIIB, Diploma in Industrial Finance and Cooperation from Indian Institute of Bankers. He is Former M.D. State Bank of Saurashtra, Served four Associate Banks of State Bank of India in the capacity of senior Executive. Attended executive development programmes in India (IIM Ahmadabad) and abroad. Former Banking Lokpal for Gujarat State and Union Territories of Dadra, Nagar Haveli, Daman Diu. Regional Director of Indo-Overseas Chamber of
Mr. V. K. Jain
(Director)
Mr. Vijay Kumar Jain is Director - Commercial, Whole time Director of Subject, since July 27, 2009. He holds B.Sc (Physics Hons.) from Delhi University and PGDBM from Bhartiya Vidya Bhawan. He has Over 32 years experience across marketing, logistics, import and exports, commercial including taxation, bio fuels, public relations and business development Executive Committee member of Indian Vanaspati Producers Association and Biodiesel Association of India Currently he is looking after overseas projects in addition to work related to import/export and taxation among others. He holds Directorship of other companies are Evershine Oleochem Limited, Ruchi Infrastructure Limited, Ruchi Worldwide Limited, Mrig Trading Private Limited, Uttaranchal Bio Fuels Limited, Ruchi Agri Plc, Ruchi Agri Plantation (Cambodia) Pte. Limited
Mr. Navin Khandelwal
(Independent Non – Executive Director)
Mr. Navin Khandelwal is Independent Non-Executive Director of Subject, since December 18, 2009. He holds B.Com from Devi Ahilya University, Indore and FCA from the Institute of Chartered Accountants of India. He holds Directorship of other companies are National Steel and Agro Industries Limited, Ruchi Strips and Alloys Limited, Indian Steel Corporation Limited, Indian Steel SEZ limited. He is Practising Chartered Accountant since 2002 and is associated with various management associations.
Mr. Navamani Murugan
(Independent Non – Executive Director)
Shri. Navamani Murugan is Independent Non-Executive Director of Subject, since July 27, 2009.
He holds M.Sc from Madras University and MBA from Texas, USA. He holds
Directorship of other companies are Ruchi Infrastructure Limited, M.S.T.
Enterprises Private Limited, Venturo Technologies Private Limited. He is
Retired Indian Administrative Service Officer and the former Chairman &
Managing Director of Tamil Nadu Urban Finance & Infrastructure Development
Corporation Limited.
Mr. Ashutosh Bhailal
Rao (Director)
Mr. Ashutosh Bhailal Rao serves as Director - Legal, Whole time Director of Subject. He holds LLB and MBA (Marketing) from Devi Ahilya University, Indore. He is a qualified legal professional holding experience of 25 years. Presently, heading the legal department of the Company and advising on legal matters and statutory compliances of manufacturing facilities, as in-house counsel for last 10 years Possesses exposure to indirect taxation and procedures, in particular, excise, service tax and customs duty.
Mr. Dinesh Shahra
(Managing Director, Executive Director)
Mr. Dinesh Shahra is Managing Director, Executive Director of Subject, since January 7, 1986. He holds B.E. (Chemical Engineering) from HBIT, Kanpur (UP). He has been Managing Director of Ruchi Soya Industries Limited since January 7, 1986. He holds Directorship of other companies are Ruchi Worldwide Limited, Jafra Ruchi Cosmetics India Private Limited, Ruchi Multitrade Private Limited, Evershine Oleochem Limited, Shahra Brothers Private Limited, Shahra Estate Private Limited, Ruchi Infrastructure Limited, Mangalore Liquid Impex Private Limited, Brightstar Infrastructure Private Limited, Ruchi Green Energy Private Limited, Hightech Realties Private Limited, Spectra Realties Private Limited, IFarm Venture Advisors Private Limited, IFarm Equity Advisors Private Limited, Ruchi Industries Pte. Limited, Ruchi Ethiopia Holdings Limited.
Mr. Dinesh Shahra
(Managing Director, Executive Director)
Mr. Dinesh Shahra is Managing Director, Executive Director of Subject, since January 7, 1986. He holds B.E. (Chemical Engineering) from HBIT, Kanpur (UP). He has been Managing Director of Ruchi Soya Industries Limited since January 7, 1986. He holds Directorship of other companies are Ruchi Worldwide Limited, Jafra Ruchi Cosmetics India Private Limited, Ruchi Multitrade Private Limited, Evershine Oleochem Limited, Shahra Brothers Private Limited, Shahra Estate Private Limited, Ruchi Infrastructure Limited, Mangalore Liquid Impex Private Limited, Brightstar Infrastructure Private Limited, Ruchi Green Energy Private Limited, Hightech Realties Private Limited, Spectra Realties Private Limited, IFarm Venture Advisors Private Limited, IFarm Equity Advisors Private Limited, Ruchi Industries Pte. Limited, Ruchi Ethiopia Holding Limited.
PRESS RELEASE
Revised
disclosures under Reg. 8A (4) of SEBI (SAST) Regulations, 1997
India, Oct. 19 -- With reference to earlier disclosure dated October 18, 2011Ruchi Soya Industries Ltd has now submitted the disclosure under Regulation 8A(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 to BSEDate of Reporting : October 18, 2011Name of the Company : Ruchi Soya Industries LtdTotal no of outstanding shares of the Company : 33,30,18,422Name of the Entity : APL International Pvt LtdDetails of Transaction Date of Transaction : September 30, 2011Number of Shares Pledged : 5,53,100 Aggregate details after the transaction Total no of shares held by the entity in the company : 65,96,805Total No of shares pledged : Nil% of total shares pledged to total no of shares held by the entity in the Company : Nil% of shares pledged to total no of outstanding shares of the Company
Disclosure
under Regulation 8A of SEBI (SAST) Regulations
India, Oct. 19 -- Ruchi Soya Industries Limited has submitted to the Exchange a Copy of Regulation 8A(4) of SEBI (Substantial Acquistion of Shares and Takeovers) Regulations, 1997.
News
Clarification
India, Oct. 10 -- Ruchi Soya Industries Limited has informed the Exchange that "We refer to an article titled Debt Restructuring Plans Flood Banks, published on the front pages of 'Business Standard' dated 10th October, 2011. The article mentions among other companies, Ruchi Soya Industries Limited (Rs.6000.000 Millions) being referred to Corporate Debt Restructuring (CDR) mechanism. We hereby clarify that Ruchi Soya Industries Limited has not been referred to CDR mechanism".
Ruchi
Soya eyeing 15-20% growth in revenue as well as profit
India, Sept. 26 -- Ruchi Soya Industries (RSIL), a leading edible oil manufacturer is eyeing to maintain 15-20% growth in revenue as well as profit this fiscal. Besides, the company is also planning to add 1 million tone (mt) capacity to its existing 2.1 mt capacity by March, looking at the growing edible oil demand. This additional capacity will be operational by March 2012. The company mainly exports to Vietnam, Japan and Korea, is also exploring new geographies like China, the Mediterranean region and the Middle East. However, the main focus will be Asia for the company, which is the biggest market. This fiscal the company has set a target of 1.1 mt edible oil exports and total edible oil exports during FY11 was 7 lakh tonne. Ruchi Soya's brands include Nutrela Soyumm (Soyabean Oil), Ruchi Gold (Palmolein Oil) and Sunrich (Sunflower Oil). In FY11, the company had posted a net profit of Rs 2015.900 Millions on revenue of Rs 167027.800 Millions.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.72 |
|
|
1 |
Rs.82.70 |
|
Euro |
1 |
Rs.68.90 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.